Shriram Finance stock slips ~2% as Apax Partners trims stake via block deal

13 Jan 2023 , 11:05 AM

Shriram Finance’s stock was trading nearly 2% lower in Friday’s trading session as block deal news surfaced. 

The stock opened lower after 80 lakh shares, amounting to 2.1%, of the company changed hands via the block deal window. 

Sources stated that up to 1.73 crore shares, or 4.63% of the total holding with Dynasty Acquisition as of September 30, were expected to be sold in a block deal today.

However, the current block deal data indicates that Apax retains a 2.5% stake. According to sources, Apax offered up to a 6% discount on the deal, with Kotak Securities acting as the broker.

Apax Partners made a significant investment in the Indian financial services sector in 2015, purchasing a 20% stake in Shriram City Union Finance (SCUF), Shriram Group’s retail lending arm. TPG sold the shares to Apax for a profit of nearly 4.5 times the original investment.

At around 11.02 AM, Shriram Finance was trading 2.33% lower at Rs1,282 per piece, against the previous close of Rs1,312.65 on NSE. The counter hit an intraday low of Rs1,267.60, so far in today’s trade.

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